The new Android-powered tablet could compete with Amazon's Kindle Fire and maybe even Apple's new iPad

While many tablets have unsuccessfully thwarted iPad sales since the popular tablet's initial release in 2010, Google's latest Nexus 7 tab looks like it could give Apple's new iPad a run for its money.

According to many U.S. retail stores, Google's Nexus 7 tablet has sold out (or is close to selling out). Gamestop said it ran out of stock last Friday, while both Sam's Club and Staples reported having sold out of the tablet on their websites that same day.

"We blew through the first two allotments," said Gamestop. A third isn't expected until August.

Google's Nexus 7 is a tablet made by ASUS. It runs the latest version of the Android operating system, 4.1 Jelly Bean, and packs various features like a 7-inch IPS display with a 1280x800 resolution; a quad-core NVIDIA Tegra 3 processor; a 1.2 MP front-facing camera; NFC, Bluetooth, 802.11n wireless; GPS and 8 GB and 16 GB versions. The 8 GB version starts at $199 while the 16 GB runs $249.99.

The Nexus 7, which has received great reviews, could finally prove to be a true tablet competitor in the market. While other Android-powered tablets, like Samsung's Galaxy Tab, have gained a bit of popularity in the past, they haven't come close to Apple's iPad. So far, the only other tablet to grab a bit of attention was Amazon's Kindle Fire, which was a hit during the 2011 holiday season. Amazon managed to move 4.7 million units in Q4 2011 while Apple moved 15.4 million units during that same time period, meaning the Fire cut into the iPad's market share by nearly one-third.

The Nexus 7 would land in the same category as the $199, 8 GB Kindle Fire. Amazon is also expected to release a new Fire later in the third quarter, which will feature some updates like a camera and external volume controls.

While the Nexus 7 is more in the Kindle Fire's league, the latest Android-powered tablet may put a dent in Apple's market share as well if the sales momentum continues.